Renren stock was flying high on Tuesday following the release of its earnings report for the second quarter of 2018.
Renren (NYSE:RENN) reported earnings per share of 15 cents for the second quarter of the year. This is a massive improvement over the company’s losses per share of 2 cents from the second quarter of 2017. The positive increase for earnings per share in the second quarter of 2018 was good news for Renren stock.
During the second quarter of 2018, Renren reported net income of $166.12 million. This is an increase over the company’s net loss of $17.20 million that was reported in the same period of the year prior.
Renren’s operating loss for the second quarter of the year came in at $3.02 million. This is a drop from the Chinese social media company’s operating income of $41.33 million reported in the second quarter of the previous year.
Revenue reported by Renren for the second quarter of 2018 was $135.04 million. This is a major boon to Renren stock by coming in way above the company’s revenue of $19.79 million reported during the same time last year.
Renren also says that it is now expecting revenue for the third quarter of the year to come in between $123 million and $128 million. This represents an increase of 104.3% to 112.6% when compared to the company’s revenue from the second quarter of the prior year.
“We are pleased that our revenues grew 582% year-over-year, supported by the addition of our used auto retail business one year ago,” Joseph Chen, Chairman and CEO of Renren, said in a statement.
RENN stock was up 55% as of noon Tuesday, but is down 88% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.